Lovecraft Expanded Universe??
Okay, this... isn't going to work. Lovecraft stories, although widely known, aren't
popular if that makes sense. Like, how many regular filmgoers who watched Re-Animator or From Beyond actually read the original stories, or read more widely into the bigger stories like The Mountains Of Madness, the Randolph Carter stories, etc?
(Aside: Barbara Crampton was HOT in From Beyond, and I think even appeared in a Playboy pictorial themed around her Lovecraft film appearances.)
Warning: NSFW
Lovecraft's prose is notoriously dense, which raises the entry barrier for the casual reader. He was reclusive, a prodigious reader, and spoke in a manner of someone from the Victorian era, despite being in a time long after.
Neither Re Animator nor From Beyond really followed the Lovecraft stories, either. They were really horrored-up and sexed-up to make them ideal B movie material, but is that going to work today?
Thirdly, a Lovecraft universe needs to have crossovers and continuity, and that means either creating/rewriting characters that will appear across multiple movies, or sufficiently juice up the villains (Cthulhu, Azathoth, the Witch of the Witch House) so that they hold interest enough to be sustained across movies.
For a big budget Hollywood take, I can actually see The Call Of Cthulhu working. Take a small band of protagonists, maybe make them military like in Battleship, have them discover worshippers of the dreaming god who are actively trying to bring him back. Throw in some inhuman minions, big explosions and chase scenes, and it could work. Make it a mix of horror and action, in the style of a really dark Pacific Rim.
A trilogy of Randolph Carter movies could be very, very cool, but would either need to be updated for modern sensibilities, or set in the early 20th century.
There's an adaptation of Dreams In The Witch House which looks really, really bad.